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Osborne blasts Brown's borrowing Osborne blasts Brown's borrowing
(about 8 hours later)
George Osborne is to attack Gordon Brown for "borrowing without limit" to deal with the economic downturn. George Osborne has accused Gordon Brown of an economic strategy that will "saddle" two generations with debt.
In a speech to London School of Economics, the shadow chancellor will say the tactic is "irresponsible". The shadow chancellor attacked the prime minister on the BBC's Today programme for attempting to ward off recession with a "spending splurge".
And he will say a more modest borrowing increase would make it easier for the Bank of England to cut interest rates, which would help boost recovery. He said the Tories would freeze council tax and allow the Bank of England "to do its job" and cut interest rates.
Mr Brown has said it was responsible for government to boost spending to "speed up economic activity".Mr Brown has said it was responsible for government to boost spending to "speed up economic activity".
And Chancellor Alistair Darling said it was "sensible" to raise borrowing to maintain investment in key areas. Tax freeze
Mr Brown is visiting Edinburgh on Friday, where he will meet local business leaders, and is also expected to campaign in Glenrothes, where there will be a by-election next month. Instead of heavy public spending, Mr Osborne said the Conservatives would "put money direct into people's pockets" by freezing council and business taxes.
He said: "You can't spend your way out of recession.
"Let the Bank of England do its job by cutting interest rates and offer targeted help by freezing council tax and keeping people in work by freezing business tax on small businesses."
FROM THE TODAY PROGRAMME More from Today programme
Mr Osborne spoke on the BBC Radio 4 programme ahead of a speech at the London School of Economics where he will criticise Mr Brown for "borrowing without limit" to deal with the economic downturn.
The shadow chancellor will say the tactic is "irresponsible".
And he will say a more modest borrowing increase would make it easier for the Bank of England to cut interest rates, which would help boost recovery.
But Chancellor Alistair Darling has said it was "sensible" to raise borrowing to maintain investment in key areas.
Mr Brown is visiting Edinburgh, where is meeting local business leaders, and is also expected to campaign in Glenrothes, where there will be a by-election next month.
Debt concernsDebt concerns
This will be George Osborne's first speech since he admitted "a mistake" in his meetings with Russian oligarch Oleg Deripaska in Corfu. The London School of Economics speech will be Mr Osborne's first since he admitted "a mistake" in his meetings with Russian oligarch Oleg Deripaska in Corfu.
He vehemently denies claims he tried to solicit a £50,000 donation for the Conservative Party while on holiday.He vehemently denies claims he tried to solicit a £50,000 donation for the Conservative Party while on holiday.
BBC political correspondent Reeta Chakrabarti said the shadow chancellor will seek to play up differences between the Tories and the government, and is accusing the prime minister of potentially saddling the country with huge debts if he tries to spend his way out of a recession. It comes as an opinion poll suggests the Conservatives lead over Labour has fallen from 24 points to nine.
The Tories say they would limit borrowing, and freeze council tax in certain areas. The YouGov poll for the Daily Telegraph puts the Tories on 42%, Labour on 33% and the Lib Dems on 15%.
Meanwhile the Liberal Democrat leader Nick Clegg will warn later the economic downturn could lead to a surge in cases of mental illness, triggered by unemployment and repossessions.Meanwhile the Liberal Democrat leader Nick Clegg will warn later the economic downturn could lead to a surge in cases of mental illness, triggered by unemployment and repossessions.
He said: "It is the hidden tragedy of a recession that mental illness will surge as people's jobs and homes are increasingly under threat.He said: "It is the hidden tragedy of a recession that mental illness will surge as people's jobs and homes are increasingly under threat.
"At a time when the limited mental health services available on the NHS are already under immense strain, ministers must prepare now for this profound consequence of the recession.""At a time when the limited mental health services available on the NHS are already under immense strain, ministers must prepare now for this profound consequence of the recession."